According to the latest report shared by the Web3-focused bug bounty platform Immunefi, November saw the highest monthly crypto loss of the year 2023, with $343 million lost to hacks and scams. The losses experienced this month represent an increase of more than 15 times compared to October, which recorded approximately $22 million lost due to hacking attacks.
Hack Attacks Dominated November
Immunefi’s most recent report indicates that since the beginning of the year, a total of 296 incidents of crypto hacking attacks and rug-pull scams have resulted in losses exceeding $1.75 billion. November, in particular, saw a significant shift in the focus of crypto attacks. The total funds lost on Centralized Finance (CeFi) platforms surpassed those on Decentralized Finance (DeFi) platforms, placing them at the center of hackers’ attention this month.
Throughout November, 37 incidents on DeFi protocols accounted for losses worth $158.6 million, making up 46.2% of the total, while the CeFi sector saw four major attacks on platforms such as Poloniex, HTX, and Kronos Research, contributing to 53.8% with $184.4 million in losses. This distribution ratio contrasts with Immunefi’s third-quarter report, which showed DeFi attacks accounting for 72.9% of losses.
Hack attacks continued to occupy a significant portion of incidents in November, with 18 events resulting in over $335 million in losses, outpacing losses from fraud-related crypto attacks. According to the Immunefi team, 23 fraud incidents resulted in a total loss of approximately $7.5 million.
What’s Happening in the Blockchain Space?
The BNB Chain and Ethereum ecosystems continued to be the most targeted blockchain ecosystems in November, with these fronts accounting for 83% of the total losses.
BNB Chain was the ecosystem that suffered the most attacks, with 22 incidents accounting for 53.7% of the losses. The Ethereum ecosystem witnessed 12 attacks, representing 29.3% of the funds lost to hacking attacks. Other blockchains such as Arbitrum, Optimism, Avalanche, Fantom, and Heco Chain followed in the ranking of hack incidents.
As a vulnerability reporting platform, Immunefi has paid over $85 million in rewards to date and has helped recover more than $25 billion in user funds for protocols such as Chainlink, The Graph, Synthetix, and MakerDAO. In September, the Immunefi team took the first step towards decentralizing the bug bounty platform by launching a reward system program.
- November 2023 saw unprecedented crypto losses.
- CeFi platforms outpaced DeFi in losses due to hacks.
- Immunefi’s efforts have protected billions in user funds.
